PETALING JAYA: HI Mobility Bhd has entered into two conditional share sale agreements to acquire Handal BCM Sdn Bhd and Acacia Motor Services Sdn Bhd, marking a strategic move to enhance the group’s capabilities.
The acquisitions, valued at RM52.9 million for Handal BCM and RM29.63 million for Acacia, will be satisfied through the issuance of 22.04 million and 12.34 million new ordinary shares in HI Mobility at RM2.40 per share, on a willing buyer-willing seller basis.
In a statement, it said the acquisitions position HI Mobility as an integrated player across the entire value chain – with assembly, production, distribution, sales, maintenance and repair works now complementing its core operational competencies in the mass transit sector, thereby strengthening its market position amid the evolving industry landscape.
Acacia is principally engaged in the manufacturing, assembly, production, distribution, maintenance and repair of electric vehicle (EV) and internal combustion engine (ICE) buses. Its capabilities will enable HI Mobility to scale its fleet to support current and future tender requirements, particularly as operators with integrated solutions better placed to secure contracts for both EV and ICE buses.
The statement said the acquisition of Handal BCM, which specialises in importing, distributing and selling motor vehicles, creates operational synergies within the Group and brings established customer and supplier networks to support scaling and deployment of vehicles. Together with HI Mobility’s expertise in technology-driven fleet management and workshop facilities, the synergies from these acquisitions enhance vehicle marketability, create opportunities for integrated service offerings, and unlock new revenue streams.
HI Mobility executive director and CEO Lim Chern Chuen said, “These acquisitions mark our evolution from a service operator to a more integrated commercial vehicle industry player. Through the integration of Handal BCM and Acacia, we aim to strengthen our core bus operations through the realisation of meaningful synergies, improve efficiency and establish a more integrated and streamlined transportation value chain which positions us for sustainable long-term growth.”
He added, “We are seeing promising opportunities to expand our presence within the EV sector, where RM1.9 billion has been allocated to a government-owned public transport company to procure approximately 1,660 buses, of which 1,350 are electric buses.
“With this said, we maintain cautious optimism that the consolidation of Handal BCM and Acacia will deliver synergistic advantages, enabling HI Mobility to achieve economies of scale across procurement, logistics and production, alongside the reduction of overheads realised by streamlining overlapping functions. This overall financial impact is expected to be earnings accretive to us and enhance shareholder value.”
Acacia is currently owned by Lim Han Weng and Bah Kim Lian who are substantial shareholders of HI Mobility. Bah is also a non-independent non-executive director of HI Mobility. Handal BCM is owned by Handal Ventures Sdn Bhd and Liberal Option Sdn Bhd. Handal Ventures is controlled by Lim and Bah.
